Dealing another blow to WTO's Doha Round, crucial talks between four major players at Potsdam in Germany failed today as India refused to yield any ground on giving market for farm products to rich countries.
The country could be a major beneficiary from greater market access in services unlike other developing nations, said the working paper authored by H A C Prasad, senior economic advisor in the ministry. India is Asia's third largest economy with a size of nearly $1 trillion. Services contribute about 61 per cent of GDP and the sector is growing at double-digit rates.
The G-20 alliance of developing countries led by India and Brazil is likely to come up with "better" proposals at its meeting in Geneva this week as chances of a global trade deal on WTO's Doha Round brighten. Nath said members of the G-20 wanted to recognise some of the sensitivities of developed countries as long as their own concerns of livelihood and food security are taken on board.
US President George W Bush on Monday spoke to Prime Minister Manmohan Singh and discussed the status of the civil nuclear deal and the recent nuclear test by North Korea.
A last-ditch attempt to rescue the Doha round of world trade talks is likely to be made towards the end of July at a Geneva meeting of 30 trade ministers from among the 150-member countries of the World Trade Organisation (WTO).
A day after collapse of the G-4 talks, India on Friday said the group's role as a consensus- building mechanism in WTO talks has come to an end and warned the US and EU against trying to divide developing nations.
Biden, who during his visit to India in 2013 had set the target of increasing the bilateral trade to $500 billion.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances